Credit Union Times Magazine June 12, 2013

Featured Story

Fiserv and Symitar dominate the discussions around credit union core systems, but the fact is that many suppliers toil in the core system trenches. And at least some of them are gaining notice, winning fans and even attempting to chart new directions for what cores might look like in a...

Featured Story

The Financial Accounting Standards Board is getting an earful from credit unions and trade associations. Even NCUA Chairman Debbie Matz, like others, is concerned about the accounting board’s exposure draft that would require financial institutions to base loan-loss allocations on expected losses, rather than incurred losses. In addition to requiring...

A Philadelphia-area credit union manager’s retrial on theft charges, originally scheduled for June 3, was postponed to June 27, according to the Montgomery County Deputy District Attorney Steven Latzer.

Front Page News

While it’s valid for the NCUA to make risk management a priority when it comes to business lending, recent guidance from the regulator could hinder and discourage credit unions and CUSOs running solid programs.

Overdraft revenue fell nearly $1 billion for credit unions, banks and thrifts in first quarter 2013, according to the latest quarterly study on overdrafts by Moebs Services, a Lake Bluff, Ill.-based economic research firm.

Black Hills Federal Credit Union, Rapid City, S.D., announced the recipients of the 2013 VIBZ scholarships. The six high school seniors were selected from more than 50 applicants from 16 area schools in western and central South Dakota. Each will receive a $1,000 scholarship toward attending the college...

Editor-in-Chief's Column

Much fanfare has been made over credit unions’ member growth resurgence over the past 18 months. It’s been wonderful to witness, and with the hard work of the entire credit union community, it can continue in perpetuity.

Despite the lure of online banking, ensuring a positive branch experience is still one of the best ways to retain existing members and grow their loyalty. Unfortunately, as many credit unions have discovered, maintaining a branch overflowing with employees does not guarantee good customer service.

Briefs

First comes the notification that your personal data have been compromised in a data breach. And as sunset follows sunrise, increasingly that notification is followed by actual dollar losses in fraud on personal accounts, said Javelin Strategy and Research in its recently released 2013 data breach fraud impact report.

Letters to the editor

ALM First Financial Advisors has closely followed the NCUA’s efforts to develop an appropriate rule for credit unions’ use of derivatives as a hedging tool. We support the use of derivatives within the credit union industry as instruments for effectively managing interest rate risk.

Regarding the Editor’s Column in the May 29 issue, “Usage Fees Are Not a Strange Idea.” Sarah Snell Cooke’s support of the pay for play precedent in the NCUA’s recently proposed rule on derivatives misses the point. We strongly support and have continually advocated expanding credit unions’ investment powers to include limited...